Building Thermal Insulation Market Size, Share & Trends Analysis Report By Product (Glass Wool, Mineral Wool, EPS, XPS, Cellulose), By Application (Roof, Walls, Floor), By End-use,By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the building thermal insulation market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for building thermal insulation market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of building thermal insulation market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Building Thermal Insulation Market Categorization:

The building thermal insulation market was categorized into four segments, namely product (Glass Wool, Mineral Wool, EPS, XPS, Cellulose), application (Roof, Walls, Floor), end-use (Residential, Commercial), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The building thermal insulation market was segmented into product, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The building thermal insulation market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Spain; Italy; China; India; Japan; South Korea; Indonesia; Malaysia; Brazil; Argentina; Saudi Arabia; UAE; Qatar; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Building thermal insulation market companies & financials:

The building thermal insulation market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Rockwool Insulation A/S - ROCKWOOL Insulation A/S, a company with a rich history dating back to its establishment in 1909, began its journey in the insulation product manufacturing industry in 1937. The company’s headquarters are in Hedehusene, Denmark. With a strong presence in Europe, particularly in Russia, the company is swiftly broadening its reach to North America and Asia. As of December 2018, the company boasted a workforce of over 11,600 employees spread across 39 locations in 45 manufacturing facilities worldwide. The ROCKWOOL group encompasses several companies, including Rockwool Building Insulation, Rockfon Acoustic Ceiling & Wall Solutions, Rockpanel Exterior Cladding, Rockwool Technical Insulation, Rockwool Core Insulation, Grodan substrate solutions, Lapinus, and Rockdelta. Rockwell Technical Insulation specializes in providing advanced technical insulation solutions for the marine & offshore and process industries.

• Paroc Group Oy - Founded in 1937 and based in Helsinki, Finland, Paroc Group Oy merged with Safari Finco 1 Oy in December 2016. The newly formed entity continued to operate under the parent company, Paroc Group. The company has a global presence in 13 countries and operates seven manufacturing plants in five countries, including Russia, Poland, Lithuania, Sweden, and Finland. Paroc Group Oy specializes in the production and distribution of mineral wool insulation products across Europe. Its operations are segmented into building insulation and technical insulation. The building insulation segment provides advanced solutions for sound, fire, and thermal insulation of exterior walls, floors, intermediate floors, roofs, partitions, and basements.

• Knauf Insulation - Knauf Insulation, a company that was founded in 1978 through the acquisition of a pre-existing plant in Indiana, USA, is now based in Belgium. The company underwent a name change in 2002 to become Knauf Insulation. It functions as a subsidiary of Gebr. Knauf KG is a company involved in the production and distribution of building and construction materials for clients in Australia, Africa, Asia, the Russian Federation, South America, the U.S., and various European countries. Knauf Insulation operates globally in over 40 countries, with 27 manufacturing facilities located in 15 different countries. The company’s insulation product range includes wood wool, blowing wool, rock mineral wool, and glass mineral wool. In addition to these products, Knauf Insulation provides services to buildings, original equipment manufacturers, and technical applications, and offers green solutions.

• TechnoNICOL Corporation - TechnoNICOL Corporation, founded in 1992 and based in Moscow, Russia, operates globally in over 95 countries, including the U.S., Canada, Australia, the UK, Russia, France, India, Poland, and Turkey, among others. The company specializes in the production and supply of roofing materials for both sloping and flat roofs, as well as systems for heat insulation, soundproofing, and waterproofing. The company’s operations are divided into four main segments: waterproofing materials, heat insulation, sloped roofing, and components. The heat insulation segment manufactures products such as stone wool-based heat insulation, fire-resistant and technical insulation, and extruded cellular polystyrene. TechnoNICOL Corporation’s product range also includes roll materials, thermal insulation for plaster and ventilated walls, facades, flat and sloping roofs, and materials for fire protection of building piping and construction. In addition, the company provides solutions for the industrial and civil construction sectors, covering foundations, floors, facades, flat roofs, and technical insulation.

• NICHIAS Corporation - NICHIAS Corporation, a company that was founded in 1896, has its headquarters in Tokyo, Japan. The company operates through five main business segments: energy and industrial plants, industrial products, advanced products, autoparts, and building materials. The energy and industrial plants segment offers engineering products and services for construction and maintenance, catering to industries such as oil refining, electric power, and liquefied petroleum gas (LPG). The industrial products segment provides gaskets, insulating materials, and filter products to meet the needs of the machinery, electric power, and steel industries. The company also offers other solutions, including friction materials, heat insulation boards for industrial equipment, sliding materials, seal products, and fabricated inorganic textile products. It also produces specialized products such as joint sheets, metal gaskets, PTFE gaskets, sheets, rods, molded products, valve packing, fabricated tubes, hoses, bellows, and high-performance elastomer O-rings.

• Anco Products, Inc. - Founded in 1972, Anco Products, Inc., also known as Anderson Products, Inc., is a U.S.-based company with its headquarters in Elkhart. It functions as a subsidiary of API Group, Inc. The company specializes in the manufacture and distribution of insulation products to various industries across Canada, the U.S., and the UK. In addition to producing and marketing air-duct systems and fiberglass insulation products, Anco Products, Inc. offers a wide range of insulated solutions. These include post frame and fiberglass insulation products, plain metal and faced building insulation, resilient blankets for various vessels and tanks, and construction accessories for metal buildings. The company also provides specialty tapes and facing tapes, duct liner insulation products, and OEM mat insulation products. These products find numerous applications, including sound attenuation panels, appliances, and curb adapters. Anco Products, Inc. also offers condensation control blankets that protect metal building structures from rust caused by condensation. It provides insulation laminating services for markets such as post frame, metal building, and LNG, and also offers garage door insulation kits.

• Aspen Aerogels, Inc. - Aspen Aerogels, Inc., a company specializing in aerogel technology, was founded in 2001 and has its headquarters in Northborough, U.S. It is a publicly traded company on the New York Stock Exchange under the ticker symbol ASPN. The company is known for designing, developing, and manufacturing innovative aerogel insulation that is used in the energy-building material and infrastructure sectors. Their product line includes high-performance aerogel insulation blankets for both hot and cold service applications, as well as other products such as Pyrogel, Spaceloft, and Cryogel, which are used in the industrial and building insulation industries. These products not only offer a compact system design but also help reduce logistics costs, installation time and cost, storage space, instances of corrosion under insulation, and system weight. They also enhance job site safety and promote freight efficiency. In addition to their product offerings, Aspen Aerogels also provides contract research services to the Department of Energy, Department of Defense, and other entities. They collaborate with major companies such as TechnipFMC in the offshore oil sector, ExxonMobil in the oil refinery and petrochemical sectors, and BASF in the building materials sector to expand into new markets.

• Cabot Corporation - Cabot Corporation, a company founded in 1882 and based in Boston, U.S., is publicly traded on the New York Stock Exchange under the ticker symbol CBT. The company boasts a global presence with 45 manufacturing facilities spread across 21 countries. Cabot Corporation’s business revolves around supplying specialty chemicals and performance materials to a diverse set of industries, including transportation, infrastructure, consumer goods, and the environment. The company’s operations are divided into four key segments: performance chemicals, reinforced materials, specialty fluids, and purification solutions. The performance chemicals segment offers specialty carbons and formulations, metal oxides, and additives that enhance performance in various applications such as industrial insulation, building construction materials, silicones, composites, inkjet printing, batteries, electronics, adhesives, and sealants. The reinforced materials segment provides rubber blacks and elastomer composites, where carbon black is used to enhance the performance of rubber products such as molded goods, belts, hoses, and tires.

• Morgan Advanced Materials plc - Morgan Advanced Materials plc, a company specializing in the engineering of composites, ceramics, carbon, and advanced materials, was founded in 1856 and is based in Windsor, Berkshire. It is publicly traded on the London Stock Exchange under the ticker symbol MGAM. The company offers a wide range of products and solutions to various markets, including industrial, security, energy, electronics, transport, petrochemicals, and healthcare. Its main operating segments include thermal ceramics, technical ceramics, electrical carbon, molten metal systems, fire protection, braze alloys, composites & defense systems, seals & bearings, and specialty graphite. The thermal ceramics business segment is involved in the production of advanced ceramic materials, systems, and products for thermal insulation in high-temperature environments. This segment’s product portfolio includes high-temperature insulating fiber products such as AES superwool, RCF, polycrystalline; microporous products such as WDS, BTU, and Min-K; firebricks; monolithic products; heat shields; fired refractory shapes; and structural block insulation products.

• Unifrax LLC - Unifrax LLC, originally known as The Carborundum Company, was founded in 1891. It was acquired by Saint Gobain in 1996, at which point it adopted its current name. The company, which is based in Tonawanda, U.S., specializes in the production of high-temperature insulation products that provide energy-saving and heat management solutions. Unifrax LLC operates more than 26 manufacturing facilities in 12 countries and has sales offices in the Americas, Europe, Asia, Australia, and South Africa. Its primary business segments include thermal management, fire protection, emission control, and specialty fibers. The thermal management segment offers energy-saving solutions to a variety of industries, such as aerospace, fire protection, appliance, ferrous and non-ferrous materials, automotive, glass, ceramic, power generation, petroleum products, and industrial ceramics.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Building Thermal Insulation Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Building Thermal Insulation Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.